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09.07.202007:27 Forex Analysis & Reviews: Control zones of USDCAD on 07/09/20

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Yesterday, the absorption pattern was formed in the direction of strengthening the Canadian dollar. This makes it possible to keep sales that were opened earlier and look for favorable prices to enter new positions with any growth. The target of the bearish momentum is the weekly control zone target of 1.3430-1.3403, which makes sales profitable even from the current levels.

It is important to note that the downward movement is a continuation of the spring momentum, which may lead to a retest of the June low in the near future.

The alternative ascending option has a low probability, and purchasing from current marks are not profitable. Therefore, you should focus on finding the best selling prices, and not consider buying at all.

Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which changes several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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